Metalshub raised a $11 million Series A financing round led by the growth VC Acton Capital.

Metalshub, a Düsseldorf, Germany-based operator of a trading marketplace for metals, announced the completion of a $11 million capital funding round.

The money was raised from investors led by Acton Capital, joined by existing shareholders Point Nine, Chromo Invest and business angels whose name was not disclosed.

The proceeds will be used to expand beyond Europe in order to achieve its business targets of $1bn GMV by the end of 2021.

Metalshub, founded in 2016 by Frank Jackel and Sebastian Kreft, built a digital marketplace for metals and ferroalloys used to promote a more efficient and liquid physical market.

The company says that it has over 1100 onboarded companies and more than $750M traded volume over the platform since its launch, and that it operates the most liquid digital ecosystem in the metals raw-materials trading space. Customers include large enterprise customers like Outokumpu, Saarstahl, Dillinger and Swiss Steel Group.

Metalshub previously raised $3.4M in 2018.